Bank of Mauritius revokes banking licence of Century Banking Corporation
26-08-2020 09:13:30 | by: Pie Kamau | hits: 4770 | Tags:

The Bank of Mauritius, acting under section 17 of the Banking Act 2004, revoked the Islamic Banking Licence of Century Banking Corporation (CBC) with immediate effect. 

Despite numerous warnings from the Bank, CBC has failed to remedy several breaches of the banking laws relating to capital requirement, internal control systems, compliance with anti-money laundering and combatting the financing of terrorism requirements and record-keeping obligations.

The Bank has, in light of the foregoing, revoked the licence of CBC with immediate effect in the public interest and for the protection of depositors. The Board of the Bank has appointed Mr Huns Biltoo of KPMG Mauritius as receiver of CBC under section 75 of the Act.